Esteemed shareholders,

We hereby present you the results recorded by SIF Moldova at the end of H1 2017 and the objectives of the following period, in compliance with the "2014-2018 Investment Policy Objectives" and "2017 Activity Program" approved by the General Meetings of Shareholders.


Portfolio Structure

The quoted shares portfolio is predominant, with 72.9% of the total value of managed assets, whole the unquoted shares ratio is of 12.3% based on the reorientation of the investment policy given the current market conditions. The financial sector (43.6%) and energy sector (19.2%) have remained the main sectors in the structure of listed portfolio, reported to total assets value. At the same time, the process of reducing the number of portfolio participants continued, registering the exit of 3 issuers from the historic portfolio and increase of exposure per issuer, so as to directly create positive influences on portfolio performance.


Financial performance

The net profit recorded for H1 2017 is of 72.2 mil lei (76% reported to BVC provisions 2017). The net earnings from assets sale is of 52.6 mil lei, and real estate investments have been of 57.4 mil lei (23% reported to the 2017 target). The total value of managed assets has been of 1,836 mil lei, an increase by 17% in comparison to H1 2016.




Yours sincerely,
Costel Ceocea, PhD